Federal Realty Investment Trust Strengthens Its Executive Leadership Structure
On February 11, 2021, Federal Realty Investment Trust (NYSE: FRT) announced the promotion of Jeffrey S. Berkes to President and Chief Operating Officer, overseeing all day-to-day operations. Berkes will lead the East and West Coast property operations, alongside newly appointed Presidents Wendy A. Seher and Jan Sweetnam. Berkes brings nearly 22 years of experience, having previously served as Chief Investment Officer and significantly growing the West Coast portfolio's operating income. The company also promoted key personnel in acquisitions and asset management.
- Jeffrey S. Berkes promoted to President and COO, enhancing leadership structure.
- Berkes has nearly 22 years of experience, contributing to company growth.
- West Coast property operating income more than doubled from 2011 to 2019.
- None.
NORTH BETHESDA, Md., Feb. 11, 2021 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the promotion of Jeffrey S. Berkes to President and Chief Operating Officer. In this newly created role, Mr. Berkes will have direct responsibility for overseeing and directing all of Federal's day-to-day property operating functions, including leasing, development and asset management, on both the East and West Coasts. Mr. Berkes will partner in his new role with Wendy A. Seher, an 18-year veteran of the company, who serves as President, Eastern Region, and with Jan Sweetnam, a 24-year veteran of the company, who has been promoted to President, Western Region. Both Ms. Seher and Mr. Sweetnam will report directly to Mr. Berkes who, in his expanded role, will continue to report to Don Wood, the company's Chief Executive Officer.
Mr. Berkes has been with Federal for nearly 22 years serving as its Chief Investment Officer from 2000 through 2010 and as President, Western Region since 2011, where he was charged with growing the company's presence on that coast. During the period between 2011 and 2019, the property operating income of Federal's West Coast portfolio more than doubled, representing over
"It is with great pleasure that I, along with the unanimous support of our Board of Trustees, am able to promote an executive of Jeff's intelligence and integrity to this newly created position," said Don Wood, Federal's Chief Executive Officer. "Putting our strongest athletes in positions where they can have the greatest impact will never be more important than in a post-COVID operating environment. The trio of Mr. Berkes, Ms. Seher and Mr. Sweetman, supported by what I believe are the best operators in the business, enhances our ability to execute in that environment."
Mr. Sweetnam, a seasoned executive with more than three decades in the industry, joined Federal in 1997 and has held positions in acquisitions and development, and most recently as Western Region Chief Operating Officer. In his new role of President, Western Region, he leads the asset management, operating and development teams for the company's West Coast portfolio, which comprises nearly 5.5 million square feet of some of the best retail and mixed-use real estate in the country.
Additionally, the company has promoted key personnel in its acquisitions, leasing and asset management teams.
Barry Carty has been appointed Senior Vice President, East Coast Acquisitions. Mr. Carty, who has been with the company since 2000, oversees Federal's acquisition and disposition strategy on the East Coast, and has been behind some of its most notable acquisitions, most recently the Hoboken portfolio.
Lance W. Billingsley is now Senior Vice President, Anchor Leasing. Mr. Billingsley oversees large-footprint tenant transactions for 80 shopping centers, representing over 12 million square feet of leasable space from the Boston suburbs through South Florida.
Kari L. Glinski has been promoted to Vice President, Asset Management, Metropolitan Philadelphia Region. Ms. Glinski joined Federal in 2014 as a senior acquisitions associate, and is now responsible for the performance of 20 assets representing approximately 4.5 million square feet, including strategic planning and value creation.
Michael S. Papillon is promoted to Vice President, Asset Management, Maryland Region. Mr. Papillon, joined Federal in 2013 and during his tenure has been responsible for the overall operations of Santana Row, Bethesda Row and Pike & Rose, and is now expanding his role to oversee the performance of Federal's Maryland portfolio.
"We continue to focus on developing a deep bench of experienced and forward-thinking senior leaders at Federal, and these promotions from within our company further validate that," said Don Wood. "I am confident that under their leadership, we will continue to execute on our long-term business plan of offering the highest-quality and most desirable portfolio of retail-based properties in our respective markets."
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living, and working provide a destination experience valued by their respective communities. Federal Realty's 101 properties include approximately 2,800 tenants, in 23 million square feet, and approximately 2,900 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 53 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
Investor Inquiries:
Leah Andress Brady
Investor Relations Senior Manager
301.998.8265
lbrady@federalrealty.com
Media Inquiries:
Brenda Pomar
Corporate Communications Manager
301.998.8316
bpomar@federalrealty.com
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SOURCE Federal Realty Investment Trust
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